MANILA, April 24 (The Philippine Inquirer/ANN) — The Asian Development Bank (ADB) has given the green light to the $1.5-billion quick-disbursing loan for the Philippines, its host-country, to aid in the fight against the COVID-19 disease.
This is the largest loan given to the Philippines by the ADP so far.
“The ADB’s COVID-19 active response and expenditure support (Cares) program will support the government’s measures to help its citizens overcome the health, economic, and social costs of the pandemic by helping finance the country’s COVID-19 response programs.
"Government actions include increased funding for social protection, especially for women who are primary household and family caregivers; small business relief assistance; and wider health measures to stop the spread of COVID-19 in the country, ” the Manila-based multilateral lender said in a statement Friday.
The government’s COVID-19 relief package includes well-designed and targeted support to Filipino families, including a P205-billion ($4-billion) emergency subsidy program covering 18 million families engaged in the informal sector and a P51-billion small business wage subsidy to provide a lifeline for 3.4 million workers in the formal sector. These programs cover 85 percent of all Filipino families, ” the ADB said.
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